Obligations of AFMA in respect of granting statutory fishing rights under the new plan
31K Obligations of AFMA in respect of granting statutory fishing rights under the new plan
AFMA must not grant any statutory fishing rights under the new plan unless:
it has given written notice to each person who holds a statutory fishing rights option in relation to the plan asking the person to tell AFMA in writing within the period of 30 days after a date stated in the notice (being a date not earlier than 2 days after the day on which the notice is sent):
whether the person wishes to exercise the option; and
if so, the number of fishing rights in respect of which the person exercises the option; and
that period has elapsed.
AFMA must develop procedures that will ensure that the holders of options that are exercised are granted the statutory fishing rights under the new plan to which they are entitled.
AFMA may remove particulars of an option from the Register when all the statutory fishing rights to which the option relates have been granted or the option has lapsed.
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